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41-10-46.01
Section 41-10-46.01 Investment by qualified funds. (a) Any qualified fund may invest
at least three percent of its corpus in one or more approved opportunity funds. (b) The following
terms shall have the following meanings: (1) "ADECA" shall mean the Department of
Economic and Community Affairs. (2) "Approved opportunity fund" shall mean any fund
approved by ADECA as meeting all of the following: a. ADECA determines that the fund has the
capacity to improve Alabama's low-income opportunity zone communities by approving an application
showing all of the following: 1. The amount of existing committed capital or potential to
raise committed capital. 2. The investment track record or strength of the applicant's management
team. 3. The existing project pipeline or strategy for developing new pipeline. 4. The fund
structure and anticipated returns within that fund structure. 5. The presence of sound legal,
accounting, and compliance policies and procedures. 6. A strategy for measuring,...
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40-18-6.1
Section 40-18-6.1 Gain or loss - Special rules for capital gains invested in opportunity
zones. (a) The provisions in 26 U.S.C. ยง 1400Z-2 shall be applicable to an investment in
an approved opportunity fund in calculating both of the following: (1) The income tax levied
by this chapter, or the estimated income tax payment. (2) The financial institution excise
tax found in Chapter 16. (b) Any approved opportunity fund may enter into a project agreement
with ADECA to provide to the fund's investors impact investment tax credits against any tax
liability described in subdivisions (1) and (2) of subsection (a). The impact investment tax
credits shall be allocated annually, but only to the extent that one or more projects undertaken
by the fund are not producing the returns provided in the project agreement. Provided however,
the calculation of the impact investment tax credit does not guarantee a rate of return that
is more than the 52-week average yield rate for the United States 10-year...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama
hereby agrees to the following interstate compact known as the Interstate Insurance Product
Regulation Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of
joint and cooperative action among the compacting states: 1. To promote and protect the interest
of consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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41-23-213
Section 41-23-213 Grant program; rulemaking authority; Alabama Broadband Accessibility
Fund. (a) The Director of ADECA may establish and administer the broadband accessibility grant
program for the purpose of promoting the deployment and adoption of broadband Internet access
services to unserved areas. By June 26, 2018, the director shall adopt rules and policies
to administer the program and begin to accept applications for grants, and shall adopt such
rules as may be necessary to meet the future needs of the grant program. (b) The program shall
be administered pursuant to policies developed by ADECA in compliance with this article. The
policies shall provide for the awarding of grants to non-governmental entities that are cooperatives,
corporations, limited liability companies, partnerships, or other private business entities
that provide broadband services. Nothing in this article shall expand the authority under
state law of any entity to provide broadband service. (c) There is...
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41-23-253
Section 41-23-253 Research and development enhancement grant program; fund. (a) The
Director of ADECA may establish and administer the research and development enhancement grant
program for the purpose of encouraging new and continuing efforts to conduct new or expanded
research and development activities within Alabama. By September 4, 2019, the director shall
adopt rules and policies to administer the program and begin to accept applications for grants,
and shall adopt such rules as may be necessary to meet the future needs of the grant program.
(b) The program shall be administered pursuant to policies developed by ADECA in compliance
with this article. The policies shall provide for the awarding of grants to Alabama research
entities that have qualified research expenses in Alabama in a fiscal year exceeding a base
amount. (c) The Alabama Research and Development Enhancement Fund is created in the State
Treasury. The fund is subject to appropriations by the Legislature and gifts,...
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6-12A-3
Section 6-12A-3 Tobacco product manufacturer certification; directory; stamping, sale,
or import of cigarettes not in directory. (a) Certification. Every tobacco product manufacturer
whose cigarettes are sold in this state whether directly or through a distributor, retailer,
or similar intermediary or intermediaries shall execute and deliver on a form prescribed by
the commissioner, a certification to the commissioner no later than the thirtieth day of April
each year, certifying that, as of the date of the certification, the tobacco product manufacturer
either: Is a participating manufacturer or is in full compliance with Section 6-12-3,
including all quarterly installment payments required by subsection (e) of Section
6-12A-5. (1) Each participating manufacturer shall include in its certification a list of
its brand families. The participating manufacturer shall update its list 30 days prior to
any addition or modification to its brand families by executing and delivering a...
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11-81-241
Section 11-81-241 Definitions. For the purposes of this article, the following words
shall have the following meanings: (1) COSTS OF A QUALIFIED PROJECT. All costs including,
but not limited to, the following: a. All costs of acquisition, by purchase or otherwise,
construction, assembly, installation, modification, renovation, or rehabilitation incurred
in connection with any qualified project or any part of any qualified project. b. All costs
of real property, fixtures, or personal property used in or in connection with or necessary
for any qualified project or for any facilities related thereto, including, but not limited
to, the following: 1. The cost of all land, estates for years, easements, rights, improvements,
water rights, connections for utility services, fees, franchises, permits, approvals, licenses,
and certificates. 2. The cost of securing any franchises, permits, approvals, licenses, or
certificates. 3. The cost of preparation of any application therefor and the cost of...
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16-33B-4
Section 16-33B-4 Basic powers and duties of the Alabama Commission on Higher Education
for the Alabama Guaranteed Student Loan Program. (a) Basic powers. The Alabama Commission
on Higher Education (ACHE) is authorized to administer the Alabama Guaranteed Student Loan
Program in accordance with the Federal Student Loan Law, and empowered to promulgate such
rules, regulations, policies, and procedures as may be reasonable and proper in order to carry
out the provisions and purposes of this chapter. Without limiting the generality of the foregoing,
the ACHE is authorized and empowered: (1) To establish regulations deemed necessary to comply
with federal regulations and legislation relative to guaranteed student loans and the Federal
Student Loan Law. (2) To establish eligibility criteria for participating postsecondary educational
institutions. (3) To establish reasonable eligibility criteria for the initial and continuing
participation of approved lenders in the student loan program. (4)...
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11-65-1
Section 11-65-1 Legislative declarations and findings. The Legislature hereby finds
and declares as follows: (1) As the basis for enacting Act No. 84-131, the Legislature found
and determined that the conduct within Class 1 municipalities in the state of horse racing
events and pari-mutuel wagering thereon will generate additional revenues for governmental
and charitable purposes, provide additional jobs for the residents of the state and benefit
the businesses related to tourism and recreation within any such municipality and throughout
the surrounding areas of the state; it is desirable to permit the qualified voters of any
Class 1 municipality to determine through referendum whether horse racing and pari-mutuel
wagering thereon will be permitted in such municipality; and for each Class 1 municipality
in which horse racing is approved by the voters thereof, it is necessary and desirable to
provide for the establishment of a racing commission to regulate horse racing and pari-mutuel...
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